Dean of the Business School of the University of Cape Coast Prof John Gatsi has challenged the claim by the Finance minister that his government saved the deposits of Ghanaians who were customers of banks which collapsed between 2017 and 2018.
According to him there was no threat to the deposits of customers of the various banks and financial institutions before Ken Ofori Atta assumed office as Finance minister.
Prof Gatsi was responding to a question posed to him by host of the Gold Morning Conversation Sena Nombo concerning the promise by Ken Ofori Atta that the deposits of Ghanaians who are customers of banks and financial institutions.
Ken Ofori Atta at a press conference on 28 September 2022 said his administration had the track record of saving deposits of customers when they carried out the Financial sector cleanup.
Dean of the Business School of the University of Cape Coast Prof John Gatsi however says it was the Ken Ofori Atta led Finance ministry and Dr. Ernest Addison led Central Bank which threatened the deposits, savings and investments of Ghanaians.
He said their approach to tackling whatever problems existed in the financial sector was the real threat to the savings, deposits and investments of Ghanaians.
Prof Gatsi also wondered how the Finance minister Ken Ofori Atta intends to safeguard the deposits of Ghanaians in the wake of what is predicted to be a painful debt restructuring exercise.
According to Prof John Gatsi the debt restructuring has only become necessary because of government’s excessive borrowing and would lead to a situation which would affect long suffering Ghanaians who have invested into government bonds and instruments.
The UCC Professor of Finance said such an exercise means government would not be able to pay the interest it promised and meet repayment timelines.
He said the Finance minister should consider himself the cause of the problem and appreciate the fact that Ghanaian customers of banks are now faced with a situation that would only worsen their plight.